Virtual credit card: Banks are offering facility to prevent from fraud, know specialty
Virtual credit card: Banks are offering facility to prevent from fraud, know specialty

In the growing world of online banking and e-commerce, banks are facing a major challenge to provide better facilities and global security to their account holders. Especially in the case of credit card and ATM card fraud cases, it has become a mandatory requirement. HDFC Bank received the highest number of such complaints after the State Bank of India (SBI) in the last financial year. Learning from this, HDFC Bank has used highly secure software globally to protect its consumers from fraud.

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In the last fortnight, the bank has stopped the card payment related net banking service for about 11 hours and uploaded this software. HDFC has become the first bank in India to immediately create a virtual credit card for purchase on any online shopping platform. HDFC Bank had sent a message to its account holders informing them that the net banking service related to credit cards was disrupted, during which the bank equipped all its branches with Vision Plus Vision-10 software. The bank claims that it is a global software and only selected banks in the world are using it. According to Neeraj Jha, head of corporate communication of the bank, this software will keep the third party interface i.e. customer related information shared with any company very secure.

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Only information related to the banking services of the consumer can be shared. This will make all e-banking related facilities safe and fast. Consumers will be able to make a virtual credit card and shop on any shopping website through this facility. Another feature of this is that the credit card complaints of the account holder can be resolved in a day. The bank claims that you can complain from anywhere in the world, the settlement will be done within a day. Customers will be able to increase the limit of the account itself. In addition, HDFC Bank, ICICI Bank, and AXIS Bank are currently offering virtual cards through joint processing of bank accounts and credit cards. This will be the first time that the account holder can create a virtual credit card on any shopping website. A permanent credit card will be issued on this number after 4 business days.

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